A renowned cryptocurrency analyst believes that digital assets need to change monetary policy to achieve significant gains.
Crypto strategist Benjamin Cowen recently stated that the Federal Reserve needs to ease its strict monetary policy for the crypto market to experience a noticeable rise. Cowen noted that Bitcoin has been gradually declining since March, attributing this to the Fed’s reluctance to implement quantitative easing. He speculates that the most likely scenario is for the Fed to loosen its policy by September.
The expert wonders whether the crypto market can see a lasting change before the Fed adopts a more relaxed monetary approach. He believes it is possible for the market to remain depressed throughout 2024, given the current conditions.
He explained that the recent downward trend of BTC is linked to market uncertainty regarding the timing and nature of interest rate cuts by the Fed. This uncertainty leads to volatile market behavior, as expectations continually shift, causing fluctuations in the price of the leading cryptocurrency.
